Maldives Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in maldives, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Market Overview
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The Republic of Maldives, an upper middle-income nation with an estimated population of 390,000, is geographically distinguished by its sprawling archipelago of over 1,190 small, low-lying coral islands. Of these, 187 are inhabited, and additional islands have been developed into exclusive tourist resorts, highlighting the central role of tourism in the nation’s economy. This unique geographical setting also presents inherent challenges for infrastructure development, connectivity between islands, and the ability to expand its economy. While tourism has driven Maldives’ transition from a poor island nation in the 1970s to its high middle-income status, its dependence upon the sector makes it highly susceptible to global shocks and competition with other tourism-dependent economies.  

An import-dependent country, Maldives faces significant fiscal pressures as increased global food and fuel prices in recent years have led to a five-fold increase in fuel subsidies paid by the government. Growing annual fiscal deficits, unsustainable external debt, and spending on large infrastructure projects and costly social welfare programs, combined with the economic impact from global events, increase economic uncertainties. Areas for improving the business climate include increasing protection for minority investors, passing an insolvency law, and facilitating property registration and access to credit.

The Maldives relies heavily on imports to meet its domestic and tourism sector needs, with total annual imports of $2.8 billion in 2024. Top import partners in 2024 were India (41%), China (27%), and Singapore (9%). The United States represented 3.3% of Maldives imports. U.S. goods exports to Maldives grew from $68 million in 2023 to $92 million in 2024, primarily due to an increase of sales in civilian aircraft parts such as gliders, spark ignition engines, and balloons. The increase in civilian aircraft parts is mostly tied to Maldivian Airlines introduction of the Airbus A330-200 into its fleet for new long-haul routes.

In 2024, Maldives exported $274 million of goods, according to global customs data, although various sources cite different figures, likely due to variations in accounting methodologies, such as the inclusion of re-exports or services in some reports.  Fish products constitute the lion’s share of Maldivian exports. Thailand is the top market for Maldives’ fish products (buying $51 million in 2024, a steep decline from $120 million in 2023), followed by France ($9.2 million), and Germany ($6.3 million). The top total Maldivian export destinations in 2024 were India (57%), Thailand (23%), and the UK (8%). The United States represented 1.7% of Maldives exports. U.S. imports from Maldives dropped significantly between 2023 and 2024, primarily due to a reduction in yellowfin tuna exports (from $10.5 million in 2023 to $4.7 million in 2024).  

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